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On May 12, BlackRock submitted a new application for a tokenized fund structure to the U.S. SEC and once again chose Securitize to provide on-chain infrastructure support. According to the disclosed documents, the new structure will integrate on-chain fund share ownership records with regulated transfer agents and investor access systems, connecting on-chain and traditional financial compliance frameworks. Securitize stated that its subsidiary, Securitize Transfer Agent, LLC, will be responsible for maintaining the official ownership records of fund shares on the public blockchain, meaning that on-chain holding data will directly enter the regulated fund registration system. Officials described this as another step towards 'regulated on-chain capital markets achieving institutional-scale operations.' This application is also seen as further expansion for BlackRock following the success of BUIDL. BUIDL is BlackRock's first tokenized fund launched in collaboration with Securitize in 2024, which has now grown to approximately $2.3 billion in assets and has become an important case of institutional adoption of tokenized finance. Securitize also disclosed that the global market size for tokenized real-world assets (RWA) has surpassed $30 billion, with the industry transitioning from early experimental stages to building institutional-grade infrastructure, interoperability, and compliant on-chain financial systems.

[BlackRock Launches Tokenized Fund Structure Using Securitize's On-Chain Infrastructure]On May 12, BlackRock submitted a new application for a tokenized fund structure to the U.S. SEC and once again chose Securitize to provide on-chain infrastructure support. According to the disclosed documents, the new structure will integrate on-chain fund share ownership records with regulated transfer agents and investor access systems, connecting on-chain and traditional financial compliance frameworks. Securitize stated that its subsidiary, Securitize Transfer Agent, LLC, will be responsible for maintaining the official ownership records of fund shares on the public blockchain, meaning that on-chain holding data will directly enter the regulated fund registration system. Officials described this as another step towards 'regulated on-chain capital markets achieving institutional-scale operations.' This application is also seen as further expansion for BlackRock following the success of BUIDL. BUIDL is BlackRock's first tokenized fund launched in collaboration with Securitize in 2024, which has now grown to approximately $2.3 billion in assets and has become an important case of institutional adoption of tokenized finance. Securitize also disclosed that the global market size for tokenized real-world assets (RWA) has surpassed $30 billion, with the industry transitioning from early experimental stages to building institutional-grade infrastructure, interoperability, and compliant on-chain financial systems.

BlackRock Launches Tokenized Fund Structure Using Securitize's On-Chain Infrastructure

On May 12, Movement announced the completion of its acquisition of the on-chain Vault infrastructure project Canopy, further integrating key financial infrastructure within the Movement Network. Canopy has previously been an important part of the Movement ecosystem, primarily responsible for building the Vault layer on the Movement Network, with its smart contracts allowing users to allocate assets and strategize on-chain with independent strategy managers. Following this acquisition, Canopy will collaborate more closely with the on-chain credit protocol MovePosition, as Movement gradually builds a complete on-chain financial infrastructure stack covering Vault, credit, yield strategies, and more. Movement stated that most public chain ecosystems still rely on third parties for core financial primitives, while Movement aims to achieve deeper technical synergy between Vault contracts and other network components through self-construction and internal integration. For developers, this means the ability to directly integrate continuously iterated core protocols; for partners, it signifies stronger consistency between underlying infrastructure and development teams; for users, it promises a more unified on-chain financial product experience. The official announcement also revealed that MovePosition and Canopy will gradually operate as a unified infrastructure, with more integration details to be announced in the coming weeks.

[Movement Acquires Canopy, Integrating Vault Infrastructure into Core Ecosystem]On May 12, Movement announced the completion of its acquisition of the on-chain Vault infrastructure project Canopy, further integrating key financial infrastructure within the Movement Network. Canopy has previously been an important part of the Movement ecosystem, primarily responsible for building the Vault layer on the Movement Network, with its smart contracts allowing users to allocate assets and strategize on-chain with independent strategy managers. Following this acquisition, Canopy will collaborate more closely with the on-chain credit protocol MovePosition, as Movement gradually builds a complete on-chain financial infrastructure stack covering Vault, credit, yield strategies, and more. Movement stated that most public chain ecosystems still rely on third parties for core financial primitives, while Movement aims to achieve deeper technical synergy between Vault contracts and other network components through self-construction and internal integration. For developers, this means the ability to directly integrate continuously iterated core protocols; for partners, it signifies stronger consistency between underlying infrastructure and development teams; for users, it promises a more unified on-chain financial product experience. The official announcement also revealed that MovePosition and Canopy will gradually operate as a unified infrastructure, with more integration details to be announced in the coming weeks.

Movement Acquires Canopy, Integrating Vault Infrastructure into Core Ecosystem

On May 12, the L2 network Lisk published a statement indicating that the 'trillions in transaction volume' often mentioned in the market for stablecoins largely does not pertain to real payment activities, but rather to trading, arbitrage, and automated on-chain circulation. According to data cited from McKinsey and Artemis Analytics, the actual payment volume for stablecoins is estimated to be around $390 billion by 2025, which includes: approximately $226 billion for B2B payments, accounting for about 58%; around $90 billion for payroll and remittances, making up about 23%; approximately $8 billion related to capital market payments, representing about 2%; and around $66 billion for other payment scenarios, constituting about 17%. Additionally, B2B stablecoin payments have seen a year-on-year growth of 733%, but compared to the global B2B payment market of approximately $1.6 quadrillion, this still represents only about 0.01%. Lisk believes this indicates that while stablecoin payments are growing rapidly, there remains significant room for true penetration into the global mainstream payment system.

[Analysis: Most of the Stablecoin 'Trillions in Transaction Volume' Are Not Real Payments, Actual Payment Volume Last Year Estimated at $390 Billion]On May 12, the L2 network Lisk published a statement indicating that the 'trillions in transaction volume' often mentioned in the market for stablecoins largely does not pertain to real payment activities, but rather to trading, arbitrage, and automated on-chain circulation. According to data cited from McKinsey and Artemis Analytics, the actual payment volume for stablecoins is estimated to be around $390 billion by 2025, which includes: approximately $226 billion for B2B payments, accounting for about 58%; around $90 billion for payroll and remittances, making up about 23%; approximately $8 billion related to capital market payments, representing about 2%; and around $66 billion for other payment scenarios, constituting about 17%. Additionally, B2B stablecoin payments have seen a year-on-year growth of 733%, but compared to the global B2B payment market of approximately $1.6 quadrillion, this still represents only about 0.01%. Lisk believes this indicates that while stablecoin payments are growing rapidly, there remains significant room for true penetration into the global mainstream payment system.

Analysis: Most of the Stablecoin 'Trillions in Transaction Volume' Are Not Real Payments, Actual Payment Volume Last Year Estimated at $390 Billion

On May 12, according to market news, the U.S. Justice Department has reached a $30 million settlement agreement with Paypal (PYPL.O).

[U.S. Justice Department Reaches $30 Million Settlement with Paypal]On May 12, according to market news, the U.S. Justice Department has reached a $30 million settlement agreement with Paypal (PYPL.O).

U.S. Justice Department Reaches $30 Million Settlement with Paypal

On May 12, Osero, a stablecoin yield infrastructure project incubated by the Sky Ecosystem (formerly MakerDAO), announced the completion of $13.5 million in funding. This round was led by Sky Ecosystem, with participation from the stablecoin Layer1 project Plasma. Other investors include RedStone, Kairos Research, as well as Joe Flanagan and Lorenzo Romagnoli. Reports indicate that this funding round was completed using a SAFT (Simple Agreement for Future Tokens) structure, though the valuation has not been disclosed. Osero, incubated by Stablewatch, aims to promote the adoption of the Sky ecosystem's stablecoin USDS (formerly DAI) and the yield-bearing stablecoin sUSDS, while helping users directly access the Sky Savings Rate (SSR) yield system. Osero is developing three core products: 1. Osero App: A yield entry point for retail and institutional users of stablecoins; 2. Osero Earn: A stablecoin yield infrastructure for wallets, exchanges, digital banks, and other platforms; 3. Osero Foundry: Assisting asset management institutions and fund issuers with on-chain asset tokenization and liquidity deployment. Notably, Osero Earn allows platforms to provide yield services to users without managing stablecoin strategies themselves, with risk exposure borne by Osero and Sky ecosystem venture capital. It is important to note that $10 million from this funding round will be specifically allocated as a risk reserve to cover potential losses. The project team stated that its risk framework references the Basel III banking regulatory standards.

[Stablecoin Yield Protocol Osero Secures $13.5 Million Funding Led by Sky Ecosystem]On May 12, Osero, a stablecoin yield infrastructure project incubated by the Sky Ecosystem (formerly MakerDAO), announced the completion of $13.5 million in funding. This round was led by Sky Ecosystem, with participation from the stablecoin Layer1 project Plasma. Other investors include RedStone, Kairos Research, as well as Joe Flanagan and Lorenzo Romagnoli. Reports indicate that this funding round was completed using a SAFT (Simple Agreement for Future Tokens) structure, though the valuation has not been disclosed. Osero, incubated by Stablewatch, aims to promote the adoption of the Sky ecosystem's stablecoin USDS (formerly DAI) and the yield-bearing stablecoin sUSDS, while helping users directly access the Sky Savings Rate (SSR) yield system. Osero is developing three core products: 1. Osero App: A yield entry point for retail and institutional users of stablecoins; 2. Osero Earn: A stablecoin yield infrastructure for wallets, exchanges, digital banks, and other platforms; 3. Osero Foundry: Assisting asset management institutions and fund issuers with on-chain asset tokenization and liquidity deployment. Notably, Osero Earn allows platforms to provide yield services to users without managing stablecoin strategies themselves, with risk exposure borne by Osero and Sky ecosystem venture capital. It is important to note that $10 million from this funding round will be specifically allocated as a risk reserve to cover potential losses. The project team stated that its risk framework references the Basel III banking regulatory standards.

Stablecoin Yield Protocol Osero Secures $13.5 Million Funding Led by Sky Ecosystem

On May 12, the US April CPI rose to 3.8% year-on-year, reaching a nearly three-year high. Several economists warn that this round of inflation is not just an 'energy crisis,' but a systemic cost shock triggered by both the Iran war and the expansion of AI infrastructure. Data shows that US gasoline prices have increased by 28.4% year-on-year, and fuel prices have skyrocketed by 54.3%. Meanwhile, food prices rose by 0.7% month-on-month in April, and electricity prices increased by 2.1% in a single month. KPMG Chief Economist Diane Swonk stated that this round of shocks is more dangerous compared to the period of the Russia-Ukraine conflict, as the issues have begun to spread comprehensively through the supply chain. She pointed out that the diesel shortage is driving up costs in agriculture, logistics, and shipping, while the construction of AI data centers is causing new pressures on chip, helium, and electricity supplies. 'This is no longer just an energy issue, but a supply chain crisis.' The report indicates that the construction of AI infrastructure is driving up demand for memory chips and continuously increasing the electricity load of data centers, with rising opposition from some states and local governments against large data center projects. Meanwhile, the real income of US residents is beginning to be eroded by inflation. Analysts believe that the Federal Reserve is currently in a 'no-win situation': — If it continues to raise interest rates, it will further impact the already weakening job market; — If it lowers rates or maintains an accommodative stance, it could lead to longer-lasting and more stubborn inflation. The newly appointed Federal Reserve Chair candidate Kevin Warsh is set to take over from Jerome Powell, but the market generally believes that he will face an exceptionally difficult policy environment.

[US Inflation Surges to 3.8%! Iran War and AI Power Surge Driving Global Prices Up]On May 12, the US April CPI rose to 3.8% year-on-year, reaching a nearly three-year high. Several economists warn that this round of inflation is not just an 'energy crisis,' but a systemic cost shock triggered by both the Iran war and the expansion of AI infrastructure. Data shows that US gasoline prices have increased by 28.4% year-on-year, and fuel prices have skyrocketed by 54.3%. Meanwhile, food prices rose by 0.7% month-on-month in April, and electricity prices increased by 2.1% in a single month. KPMG Chief Economist Diane Swonk stated that this round of shocks is more dangerous compared to the period of the Russia-Ukraine conflict, as the issues have begun to spread comprehensively through the supply chain. She pointed out that the diesel shortage is driving up costs in agriculture, logistics, and shipping, while the construction of AI data centers is causing new pressures on chip, helium, and electricity supplies. 'This is no longer just an energy issue, but a supply chain crisis.' The report indicates that the construction of AI infrastructure is driving up demand for memory chips and continuously increasing the electricity load of data centers, with rising opposition from some states and local governments against large data center projects. Meanwhile, the real income of US residents is beginning to be eroded by inflation. Analysts believe that the Federal Reserve is currently in a 'no-win situation': — If it continues to raise interest rates, it will further impact the already weakening job market; — If it lowers rates or maintains an accommodative stance, it could lead to longer-lasting and more stubborn inflation. The newly appointed Federal Reserve Chair candidate Kevin Warsh is set to take over from Jerome Powell, but the market generally believes that he will face an exceptionally difficult policy environment.

US Inflation Surges to 3.8%! Iran War and AI Power Surge Driving Global Prices Up

On May 12, the U.S. April CPI data hit a three-year high, raising concerns in the market about the Federal Reserve potentially raising interest rates again. Both the U.S. stock and bond markets faced pressure, but Bitcoin showed relative strength. Data indicated that the core CPI in the U.S. rose by 0.4% month-on-month in April, exceeding market expectations of 0.3%, and year-on-year it increased to 2.8%. The overall CPI, which includes energy prices, rose by 3.8% year-on-year, up from the previous value of 3.3%, marking the highest inflation level since May 2023. In response to the data, the market quickly adjusted its expectations regarding the Federal Reserve's policy path. CME FedWatch data shows that traders are currently betting on a probability of over 35% for at least one interest rate hike by 2026, whereas just a few weeks ago, the mainstream market expectation was for a rate cut within the year. Risk assets subsequently fell, with the Nasdaq index dropping over 1.3% and U.S. Treasury yields rising in tandem. However, the cryptocurrency market demonstrated some resilience. Bitcoin remained above $80,000 following the data release, currently reported at approximately $80,500, holding steady over the past 24 hours; Ethereum and XRP, on the other hand, fell by about 2.5%.

[US April Inflation Surges, Bitcoin Holds Steady Above $80,000]On May 12, the U.S. April CPI data hit a three-year high, raising concerns in the market about the Federal Reserve potentially raising interest rates again. Both the U.S. stock and bond markets faced pressure, but Bitcoin showed relative strength. Data indicated that the core CPI in the U.S. rose by 0.4% month-on-month in April, exceeding market expectations of 0.3%, and year-on-year it increased to 2.8%. The overall CPI, which includes energy prices, rose by 3.8% year-on-year, up from the previous value of 3.3%, marking the highest inflation level since May 2023. In response to the data, the market quickly adjusted its expectations regarding the Federal Reserve's policy path. CME FedWatch data shows that traders are currently betting on a probability of over 35% for at least one interest rate hike by 2026, whereas just a few weeks ago, the mainstream market expectation was for a rate cut within the year. Risk assets subsequently fell, with the Nasdaq index dropping over 1.3% and U.S. Treasury yields rising in tandem. However, the cryptocurrency market demonstrated some resilience. Bitcoin remained above $80,000 following the data release, currently reported at approximately $80,500, holding steady over the past 24 hours; Ethereum and XRP, on the other hand, fell by about 2.5%.

US April Inflation Surges, Bitcoin Holds Steady Above $80,000

On May 12, Exodus Movement, a self-custody crypto wallet company, announced its financial report for the first quarter of 2026, revealing a quarterly revenue of $22.7 million, a 37% year-over-year decline, primarily due to weak trading activity in the crypto market. The report indicated that Exodus's core aggregation exchange business revenue fell by 40.8% year-over-year, with a quarterly exchange processing volume of $1.18 billion, down 26% from the fourth quarter of 2025. The company's net loss widened to $32.1 million, compared to a loss of $12.9 million in the same period last year. Currently, swap and exchange services remain Exodus's primary source of income. Its B2B exchange partners contributed $257 million in transaction volume this quarter, accounting for 22% of total exchange activity. The company stated that the usage of its aggregation liquidity routing system, XO Swap, has been continuously increasing since its launch. Market analysts believe that Exodus's current business model is still highly tied to the activity level of crypto trading, making its revenue vulnerable to direct impacts during periods of low market volatility and trading. Meanwhile, Exodus is attempting to transition towards payment financial infrastructure. The company completed its acquisition of payment infrastructure firms Monavate and Baanx on May 1, planning to expand its capabilities in crypto payments, debit cards, and embedded financial services. Following the financial report, Exodus's stock price fell 4.9% in after-hours trading. Although the stock price has risen 20.5% over the past month, it has still accumulated a decline of nearly 48% year-to-date.

[Exodus Q1 Revenue Plummets 37%, Crypto Wallet Business Still Highly Dependent on Trading Market]On May 12, Exodus Movement, a self-custody crypto wallet company, announced its financial report for the first quarter of 2026, revealing a quarterly revenue of $22.7 million, a 37% year-over-year decline, primarily due to weak trading activity in the crypto market. The report indicated that Exodus's core aggregation exchange business revenue fell by 40.8% year-over-year, with a quarterly exchange processing volume of $1.18 billion, down 26% from the fourth quarter of 2025. The company's net loss widened to $32.1 million, compared to a loss of $12.9 million in the same period last year. Currently, swap and exchange services remain Exodus's primary source of income. Its B2B exchange partners contributed $257 million in transaction volume this quarter, accounting for 22% of total exchange activity. The company stated that the usage of its aggregation liquidity routing system, XO Swap, has been continuously increasing since its launch. Market analysts believe that Exodus's current business model is still highly tied to the activity level of crypto trading, making its revenue vulnerable to direct impacts during periods of low market volatility and trading. Meanwhile, Exodus is attempting to transition towards payment financial infrastructure. The company completed its acquisition of payment infrastructure firms Monavate and Baanx on May 1, planning to expand its capabilities in crypto payments, debit cards, and embedded financial services. Following the financial report, Exodus's stock price fell 4.9% in after-hours trading. Although the stock price has risen 20.5% over the past month, it has still accumulated a decline of nearly 48% year-to-date.

Exodus Q1 Revenue Plummets 37%, Crypto Wallet Business Still Highly Dependent on Trading Market

Stablecoin yield infrastructure project Osero has announced the completion of $13.5 million in financing, led by Sky Ecosystem, with participation from the stablecoin Layer1 project Plasma. Other investors include RedStone, Kairos Research, as well as Joe Flanagan and Lorenzo Romagnoli. Reports indicate that this round of financing was completed through a SAFT (Simple Agreement for Future Tokens) structure, although the valuation has not been disclosed. Osero, incubated by Stablewatch, aims to promote the adoption of the Sky ecosystem's stablecoin USDS (formerly DAI) and the yield-bearing stablecoin sUSDS, while helping users directly access the Sky Savings Rate (SSR) yield system.

[Stablecoin Yield Protocol Osero Completes $13.5 Million Financing]Stablecoin yield infrastructure project Osero has announced the completion of $13.5 million in financing, led by Sky Ecosystem, with participation from the stablecoin Layer1 project Plasma. Other investors include RedStone, Kairos Research, as well as Joe Flanagan and Lorenzo Romagnoli. Reports indicate that this round of financing was completed through a SAFT (Simple Agreement for Future Tokens) structure, although the valuation has not been disclosed. Osero, incubated by Stablewatch, aims to promote the adoption of the Sky ecosystem's stablecoin USDS (formerly DAI) and the yield-bearing stablecoin sUSDS, while helping users directly access the Sky Savings Rate (SSR) yield system.

Stablecoin Yield Protocol Osero Completes $13.5 Million Financing

According to Bloomberg, venture capital and private equity firms including Sequoia Capital, Thoma Bravo and Paradigm were accused in a lawsuit of promoting the legitimacy of FTX, the cryptocurrency exchange that collapsed causing billions of dollars in losses. The class-action suit filed Tuesday on behalf of investors alleges that the firms participated in a promotional marketing campaign in 2021 to tout their own investments of hundreds of millions of dollars in FTX entities. That added an “air of legitimacy” to the enterprise that ended up going bankrupt in November and whose co-founder Sam Bankman-Fried now faces criminal charges, the investors allege. Investors alleged various violations of state and federal law, including misrepresentation, false advertising and civil conspiracy.

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【FTX investor sues Sequoia Capital, Thoma Bravo, Paradigm】According to Bloomberg, venture capital and private equity firms including Sequoia Capital, Thoma Bravo and Paradigm were accused in a lawsuit of promoting the legitimacy of FTX, the cryptocurrency exchange that collapsed causing billions of dollars in losses. The class-action suit filed Tuesday on behalf of investors alleges that the firms participated in a promotional marketing campaign in 2021 to tout their own investments of hundreds of millions of dollars in FTX entities. That added an “air of legitimacy” to the enterprise that ended up going bankrupt in November and whose co-founder Sam Bankman-Fried now faces criminal charges, the investors allege. Investors alleged various violations of state and federal law, including misrepresentation, false advertising and civil conspiracy.

FTX investor sues Sequoia Capital, Thoma Bravo, Paradigm

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FTX investor sues Sequoia Capital, Thoma Bravo, Paradigm

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